Monday, September 22, 2008

Wachovia talks on hold.......

MORGAN STANLEY as expected, has put merger talks with WACHOVIA on hold per an article in the FT, after the Wall Street firm won approval on Sunday to turn itself into a traditional Fed regulated bank. The latter move has made a merger with a deposit-rich commercial bank like Wachovia less necessary, with talks potentially to be scrapped this week according to sources quoted. Otherwise the rpt says Morgan is still in talks with China's CITIC.